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DGS 110: 7 Options to Fund Your Business with Bruce Mack of Platinum Trust Group
Description
Entrepreneurs dream about starting their own business, but they can't afford it. How can they reach their financial goals and objectives to fund and grow their business? Most of them borrow money from their friends, parents, and/or credit cards.
Today, I am talking to Bruce Mack of Platinum Trust Group. Bruce is an avid real estate investor and licensed financial advisor. He shares seven options to fund your business and take it to the next level.
You'll Learn...[03:54] Option 1: Revolving Lines of Credit Program is easy to qualify for with 700+ FICO score and more than one open lines of credit; no business plan, collateral needed.
[08:55] Option 2: Installment-based Lending Platform features 25 lenders offering $1,000 to $50,000 with lower FICO score, but provable income.
[12:25] Option 3: Business Directed Retirement Account (BDRA) is rollable IRA or 401(k) where funds from previous employers are accessible for specific transactions.
[18:28] Option 4: Transactional Funding for A2B, B2C transactions, such as funds for wholesale flips.
[20:07] Option 5: Platinum Trust Group/Division offers bulletproof asset protection and ability to save passive income money to repurpose.
[24:48] Option 6: Private and Hard Money Solutions with low annual percentage rates (APRs) and 1-2 points to cash out rental property income to deploy on new projects.
[26:42] Option 7: Plug-and-Play Scenario is relationship-oriented opportunity to connect and network with partners and sponsors.
[29:17] Where to start? Typically, it takes about $75,000 to get your business started.
[32:56] Funding Mindset: If you don't want to go into debt to do anything, it may hold you back from growing your business and generating revenue.
[35:35] Constant Lawsuits: Property managers/management companies that aren't real estate investors are in high-risk business.
TweetablesDonuts to Dollars: Entrepreneurs start businesses thanks to friends, family, and credit cards.
Plug-and-Play Option: You never know, who you know. Get your project going.
You're in the wrong business, if you don't want to go into debt to grow your business and generate revenue.
Protect your assets! Property managers/management companies that aren't real estate investors face constant lawsuits.
ResourcesReal Estate Investor Association (REIA)
TranscriptJason: Welcome to DoorGrow Hackers to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others impact lives and you are interested in growing your business and life and you're open to doing things a bit differently, then you are a DoorGrow Hacker. DoorGrow Hackers love the opportunity, daily variety, unique challenges and freedom that property management brings. Many in real estate think you're crazy for doing it, you think they're crazy for not, because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships and the residual income.
At DoorGrow, we are on a mission to transform property management businesses and their owners. We want to tra